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Luke Kawa

Nvidia rebuts claim that it’s requiring full up-front payment from Chinese buyers of its H200 AI chips

An Nvidia spokesperson offered a rebuttal to Reuters on Tuesday, saying the chip designer does not require full payment for H200 chips up front, as the outlet had written in a January 8 report.

President Trump had said on December 8 that Nvidia could ship H200s, its best chip from the Hopper generation, to China. Chinese regulators, however, would need to allow their companies to import these chips, at a time when the nation’s leadership is keenly interested in bolstering domestic alternatives.

Concerns over whether Chinese regulators would permit imports fueled Nvidia’s alleged payment strategy, per Reuters. But Nvidia has now told the outlet that it “would never require customers to pay for products they do not receive.”

Notably, the chip designer isn’t going on the record to contradict any of Reuters’ other recent reporting surrounding its H200 chips, which includes:

  • Demand for H200s is extremely hot, with Chinese companies having already placed orders for 2 million in 2026.

  • Nvidia is planning on selling these chips at around $27,000 apiece.

    • Put those two together and that’s a $54 billion revenue opportunity.

  • Nvidia plans to begin sending its H200 GPUs (which it holds in inventory) to China by mid-February.

  • The world’s most valuable company has asked TSMC to boost production of these chips.

Last week, Bloomberg reported that China plans to allow purchases of H200s “as soon as this quarter.”

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markets
Helena Cheng

Lululemon’s stretch getting tested: Stock plunges after after outlook is cut

Lululemon shares are down double digits in premarket trading after the company cut its full-year sales and profit outlook, overshadowing a Q1 beat and raising fresh concerns about the brand’s turnaround efforts.

The company now expects fiscal 2026 revenue to be flat to down 1%, compared with its prior forecast for 2% to 4% growth. Guidance for full-year diluted earnings per share was dragged down to a range of $10.95 to $11.15, below the company’s previous guidance of $12.10 to $12.30 and well below Wall Street’s estimate of $13.26.

Key numbers for Q1:

  • EPS of $1.69 vs. the $1.68 expected.

  • Revenue of $2.47 billion vs. the $2.43 billion expected.

The modest top-line beat masked a widening divergence between Lululemon’s geographic markets. While international revenue rose 22% overall with a 30% increase in Mainland China, the bigger problem remains North America, where revenue fell 5%.

Interim co-CEO and CFO Meghan Frank acknowledged during the earnings call that recent product rollouts underperformed. A highly anticipated yoga campaign failed to generate its expected “halo effect” across broader product lines.

Profitability metrics took a major hit, with gross margins contracting by 410 basis points to 54.2% due to mounting tariff costs and promotional markdowns. Operating income consequently fell 37% year over year to $276.9 million.

“We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top-line performance,” Frank said during the earnings call. “And second, not all of our product launches have met our expectations. While we have had several successful launches so far this year, we have seen others as we start Q2 not generate the anticipated guest response.”

Lululemon’s valuation has already been steadily compressing for years. While it was once one of retail’s richly valued stocks, investors have been questioning whether the company can return to the double-digit growth era.

The results also arrive during a leadership transition. Lululemon announced back in April that former Nike executive Heidi O’Neill is set to take over as CEO in September, with investors looking to her to revive growth in North America and restore the brand’s growth.

As Lululemon faces both macroeconomic pressure and brand-specific challenges, its stock has dropped around 40% year to date.

markets
Paige Oamek

US job growth skyrocketed in May, blasting past expectations

The US economy added 172,000 jobs in the month of May, the Bureau of Labor Statistics reported Friday, sending 10-year Treasury yields higher.

The strong May job market surprised economists. Experts had predicted only 85,000 new jobs — just half the reported number. The unemployment rate held steady at 4.3%, as expected.

The job growth story is a hopeful spot for the economy as consumers continue to feel inflationary pressure from the Iran war.

Job gains were buoyed by the leisure and hospitality sector, which added 70,000 jobs, as well as local government, healthcare, and education.

Both the March and April jobs reports were revised upward, making them collectively 93,000 higher than previously reported.

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